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ARTICLE · 30 APRIL 2025

VA Winding Down VASP Program

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As previously reported, last year the U.S. Department of Veterans Affairs (VA) launched a Veterans Affairs Servicing Purchase (VASP) program...

United StatesFinance and Banking
Richard J. Andreano, Jr.
Richard J. Andreano, Jr.
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As previously reported, last year the U.S. Department of Veterans Affairs (VA) launched a Veterans Affairs Servicing Purchase (VASP) program, which VA characterized as a "last-resort tool" for VA home loan borrowers facing severe financial hardships. Pursuant to the program, VA purchases defaulted VA loans, modifies the loans, and then places them in the VA-owned portfolio as direct loans.

In Circular 26-25-2, VA announced that as of as of May 1, 2025, it is rescinding the VA Home Retention Waterfall that includes VASP as the final option and will stop accepting VASP submissions, including new VASP Trial Payment Plans (TPPs). VA advises that it will allow active TPPs to continue through August 31, 2025, and will purchase successful loans, subject to VA's determination that funds remain available for VASP.

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